FX market faces challenges to meet Emir start date for trade reporting
Mandatory trade reporting for all asset classes will begin on February 12, but the forex industry is still grappling with the challenges of dual reporting
The European Securities and Markets Authority (Esma) last week approved the first four trade repositories to operate under the European Market Infrastructure Regulation (Emir), marking the start of the countdown to mandatory trade reporting, which will now begin for all asset classes in February - despite concerns the foreign exchange market may still not have the necessary infrastructure to meet the requirements.
The Esma-approved repositories include the UK-based DTCC Derivatives Repository
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